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  • Hacker News
  • Speaks volumes of the results the policies to make the US a manufacturing and exporting country are getting.
    by PowerElectronix
  • Fort Knox is for tourists
    by zaps
  • https://en.wikipedia.org/wiki/Homestake_Mine_(South_Dakota)

    "The Homestake Mine was a deep underground gold mine (8,000 feet or 2,438 m) located in Lead, South Dakota. Until it closed in 2002, it was the largest and deepest gold mine in the Western Hemisphere. The mine produced more than forty million troy ounces (43,900,000 oz; 1,240,000 kg) of gold during its lifetime. This is about 2,500 cubic feet (71 m3) or a volume of gold roughly equal to 18,677 US gallons.

    ...

    In 1876, settlers Fred and Moses Manuel, Alex Engh, and Hank Harney discovered the Homestake deposit during the Black Hills Gold Rush. The Black Hills had been guaranteed to the Lakota Nation by the Fort Laramie Treaty, but the land was stolen for its gold."

    When the illegal miners moved in on the Black Hills, Crazy Horse would on occasion raid them to sieze their gold, after which he would re-bury it.

    by asphodele
  • The article points out the primary source is recycling operations.

    This is not some big currency or export program. It's most likely Grandma and Grandpa hawking their jewelry.

    The cash for gold industry in the US is absolutely massive and growing. Most of it is fueled by boomers dumping their assets into gold and silver - and then cashing it out when times get worse.

    by legitster
  • I thought it was tokens
    by XCSme
  • As someone who is in the gold mining industry, it is really been a… well gold mine for the past decade. Every year I think surely it needs to stop every year profits increase. It’s wild and it has set me and my family up, so I’m incredibly thankful.
    by rmm
  • > majority of gold exports are going to Switzerland, almost certainly to the refiners there

    Sounds like a refining bottleneck.

    Globally, “refining capacity is operating at near-total utilization” [1]. That is particularly true in America, where refiners are “limiting purchases” [2] and “turning away new clients” [3].

    Global demand for gold—lead by China—is surging. That, in turn, made gold “the most-developed commodity over 2020-25” with “the highest [new] mine count each year during the period” [4].

    Where are those mines opening? In “Australia, Canada and the US,” which “accounted for the largest share of new gold production.”

    [1] https://www.skillings.net/gold-refining-report-global-standa...

    [2] https://www.jckonline.com/editorial-article/metal-refiners-t...

    [3] https://www.jckonline.com/editorial-article/refining-pipelin...

    [4] https://www.spglobal.com/market-intelligence/en/news-insight...

    by JumpCrisscross
  • I wonder how much of that are foreign central banks moving their gold reserves out of the USA... France, The Netherlands and Germany have been moving gold.

    https://www.bbc.com/news/articles/cvgyn8q8gqxo

    by jpollock

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